Adjustment To Covertible Bonds Exchange Price

5 October 2012

ADJUSTMENT TO EXCHANGE PRICE OFTHE US$380,000,000 4.00 PER CENT GUARANTEED CONVERTIBLE BONDS DUE 2015 (ISIN: XS0482875811)

Unless otherwise defined, capitalised terms used this announcement shall have the same meaning asdefined in the terms and conditions (the 'Terms and Conditions') of the US$380 million 4.00 per cent Guaranteed Convertible Bonds (the 'Bonds') due 2015, which were issued by Petropavlovsk PLC's subsidiary, Petropavlovsk 2010 Limited (the 'Issuer'), on 18 February 2010.

On 23 August2012 Petropavlovsk PLC (the 'Company') announced its half-year results for the six months ended 30 June 2012 and the Board approved the payment of an interimdividend of 5 pence sterling payable to shareholders of the Company's ordinary shares of £0.01 (the 'Ordinary Shares') on 8 November 2012.

The articles ofassociation of the Issuer (the 'Articles') provide for adjustments to be made to the exchange price of the Bonds (the 'Exchange Price') if a capital distribution is paid or made to holders of Ordinary Shares, provided that such adjustment (roundeddown if applicable) would be equal to, or more than, 1 per cent of the Exchange Price then in effect.

As a result of thepayment by the Company of cash dividends to shareholders, an adjustment tothe Exchange Price is required pursuant to Condition 8(b)(iii) of the Terms and Conditions and Article 2.4.6(b)(i)(3) of the Articles.

The current Exchange Price is £12.36.

With effect from and including the first date on which the Ordinary Shares traded ex-the cash dividend on 3 October 2012, the Exchange Price is adjusted to £12.21 (rounded down to the nearest £0.01).  All other Articles and Terms and Conditions of the Bonds remain unchanged.

 Enquiries: Petropavlovsk PLC

Alya Samokhvalova +44 (0) 20 7201 8900

Rachel Tuft

College Hill

 David Simonson +44 (0) 20 7457 2020 Anca Spiridon